Sales

Including a Bonus to Make a Sale

Times are tight and you may find that in order to close a sale a “bonus” of some sort may be worthwhile. Of course, keep in mind that profit is also necessary, so don’t give away all of your profits just to make a sale.

By far the best bonus is something with a high perceived value, but a low actual cost. If you offer both products and services, you can often offer the services for free, or at reduced rates, and still maintain your full profit margin on the product and have no additional expense involved.

Another bonus can be a “free upgrade” with either a service or a product. A larger size product for the price of the smaller size. Where there will be some cost differential, often the cost to you will not be as great as offering an entirely different product and you will only be handling one item instead of two, which cuts down on inventory and handling costs.

If you are selling online or in some other way involved in shipping your product, a simple “Free Shipping” will often be a sales clincher, particularly if you normally have been charging for shipping. “This month only – Free Shipping of All Orders!”. Here you will have to absorb the cost of shipping and you will need to calculate just how this will affect your overall profit on each sale.

You can also offer a “freebie”. Buy the 24 oz bottle and we will include one of out “travel-mate 8oz” bottles free!. Make the freebie sound like more than just another freebie. Give it a name and a perceived value. Think of the As Seen On TV type promotions, where the freebies are not just thrown in but sold a as a real feature or benefit.

Two-fers, Three-fers and Buy 3 get one Free type promotions will always increase sales. From my own experience I was selling “knock-off” fragrances with a cost of about $ 1.75 each. I priced them 2 for $ 15, 3 for $ 20 and 5 for $30. And I put a price on each of from $ 8.95 to $ 12.95. I hardly ever sold just one. Every once in awhile someone would buy a single, but 97% of the time I never sold less than two.

Offer a free or reduced price complimentary product. There are several benefits here. You are giving them a bonus, but you are also possibly introducing them to another new product that may result in repeat sales in it’s own right. In fact, keep that goal in mind when choosing an “ride along” partner for your main sale item. Use a freebie that will keep them coming back.

Keep in mind what was mentioned above, however. A second ride-along product may require a separate purchase from a different supplier. It may require additional storage and handling. If selling dropshipped goods, see if you can add a second product from the same dropshipper, since you certainly don’t want to have to pay for shipping from two sources.

You can sometimes use a slow selling product as a freebie. Again, sell the freebie as if it were just as important as your main product, give it value in the customers’ minds. More than one “secondary, clearance item” has ended up being more popular than the product it was used to promote, once it got out of the warehouse and people realized it was a good buy.

No matter what you use to build your sales, if you simply continue sales as usual, with just a mention of the freebie, little will improve. Now that you have a “real deal”, you need to promote it, get it out there where people know about this great value you are offering.

How? Depends on your marketing method. Online you can promote on your own site, of course. While many curse popup ads, they are effective. Or the newer “float ins” that drift across the screen. Something to definitely call attention to your new free goods offer.

You can email to your list. You do have a list, don’t you? A list of “opt-in” folks who have either bought from you in the past or who have asked to be included in your newsletter or mailings. Be sure and get at least one email out to them with your special offer.

Posting on blogs and forums, of course within their respective guidelines can be done. Print advertising can also be done, depending on your audience and budget.

Keep in mind you are not trying to give away free goods, you have a goal (don’t you) of increasing, or at least maintaining, sales and profits.

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